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January 11, 2017

Augusta’s Key Plaza going to auction

A prominent downtown Augusta building, Key Plaza at 286 Water St., is headed to the auction block.

The Morning Sentinel reported the auction is slated to take place on Feb. 1.

But the building's owners, SRA Augusta SPE LLC and four other New Jersey-based LLCs, told the paper they hope to retain the building and extend a lease for state office space there.

The building houses hundreds of workers, most of whom work for the state.

The Morning Sentinel reported that district court filings indicate the building's owners defaulted on a $7.2 million promissory note by failing to pay money due on the loan at its maturity.

Water Street in Augusta as been the focus of much development in recent years, with restaurants, office space and apartments going in.

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